TECHNOLOGICAL EVOLUTION TODAY
Technological Evolution Today is affecting everything we do both in our professional and private lives. Everyone today can testify to the drastic changes that have occurred in connection to traditional businesses, the way they operate, and how they interact with their customers, following the explosion of the internet and mobile technology.
This evolution brings with it endless potentials of the ways it can be used. The very foundations upon which traditional structures were built more than a century ago have become seriously threatened, to the risk of permanent extinction.
These changes occur on a daily basis and affect all aspects of day to day operations of business, irrespective of the size. The business world has indeed witnessed fundamental revolutions.
Below you will find several key advantages to how businesses will improve as a result of technological advances:
ADVANTAGES OF TECHNOLOGICAL EVOLUTION
The advancements in mobile technology and the advent of mobile web has made it possible to shop, advertise, read, purchase and bank with our mobile devices. Commercial and technological barriers have been removed. The availability of internet services and readiliy available mobile devices has delivered unimaginable benefits to both producers and consumers.
Competition is made easy
For the very first time, small businesses have the opportunity to implement business technology and compete with larger organizations. This opportunity should not be taken lightly for those looking to conquer and maintain market shares in this ever competitive game of business.
Minimizing Business Costs
Small business owners can use technology to minimize business costs. Business technology helps to automate back officefunctions, such as record keeping, accounting and payroll. Business owners can also use technology to create secure environments for maintaining sensitive and confidential business or consumer information.
Business technology can help small businesses improve and simplify their communication processes. Emails, texting, andwebsites can help companies improve communication with consumers. Using several types of information technology communication methods allow companies to saturate the economic market with their messages.
Companies could reach consumers through mobile devices in a real-time format. They could also receive more consumer feedback through these electronic communication methods. Feedback is valuable for product evaluation and improvements. Social media offers consumers and the public a large, a voice.
Potential Business Growth
Technology allows small businesses to reach new economic markets. Rather than just selling consumer goods or servicesin the local market, small businesses can reach regional, national and international markets. Retail websites are the most common way small businesses sell products in several different economic markets.
Websites represent a low-cost option that consumers can access 24/7 when needing to purchase goods or services. Small business owners can also use Internet advertising to reach new markets and customers through carefully placed web banners or ads.
Easy access to specialized skills through outsourcing
Business technology makes it possible for companies to outsource business functions which require specialized skills to other businesses in the national and international business environment.
Once outsourced, companies and focus on completing the business function they know best. Sometimes outsourcing can take place when available manpower is insufficient, or when local available resources are very expensive. These functions are then outsourced to foreign countries.
Technological evolution has opened endless opportunities for businesses to allow their employees to collaborate with each other outside the office, or off-site work assignments, through the use of teleworking solutions.
Cloud computing has made it possible for work to be done anywhere at any time, and clients can access their information at will as well
DISADVANTAGES OF TECHNOLOGICAL EVOLUTIONS
Small business are slow to adapt due to limited resources.
It is certain that business technology has revolutionized the way companies conduct business. Most often small business do not allocate the necessary resources for the shift in technology. In a rapidly evolving market place, small business could lag behind in a very keen competitive environment. Keeping up with technological advancements for small companies could be very costly.
For instance upgrading to a new system means retraining staff and sometimes customers. This could result in high costs, low productivity and even confusion in the use of new system.
Increased crime wave
Technology has also increased the possibility of crimes committed. Employees familiar with the use of technology can embezzle funds and make it difficult for the company to trace; hackers could access personal of financial data of customers; creators of viruses and malware can capture valuable information that could render a company helpless.
Technology comes with the additional cost of developing safeguards against these events.
Once a business has implemented a technology solution and integrates it into its daily operations, that business cannot remove the technology without running into serious difficulties.
This dependence can have dire consequences for the business should the technology fail and businesses could find it very difficult to continue its daily activities without its vital technology.
Regulations come into play when technology crosses into the realm of important social issues. For instance, the Sarbanes-Oxley Act requires digital reporting and security measures within publicly traded companies. Such regulations can impose sudden, and often very costly, expenses on the technological aspects of a business.
Employer and client expectations of work quality for employees and organizational levels have been greatly influenced bynew technology. There is no doubt that these technological advancements have driven down the cost of data processing, and increased the ease with which large volumes of data can be manipulated by and transferred across various units within the organization.
However, with the increased processing power, and the broad range of customized hardware and software that are available to support new system, productivity will be determined by the ability of the personnel and organization to use all technological tools effectively and efficiently.
The society as we know it is going through a radical transformation, thanks to constant connectivity everywhere. This is creating a need for a digital transformation of everything. It is changing our infrastructure needs and it is also increasing the speed of business. To stay ahead of the business game, owners must also change the traditional way of operating their day-to-day business.
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